(Reuters) – Trane Technologies reported third-quarter results that beat analysts’ estimates and raised profit and revenue forecasts for the full year, underpinned by strong demand for heating and air-conditioning systems for commercial buildings.
Global warming and rising levels of air pollution have led to an increase in demand for air conditioners and air purifiers.
The company said on Wednesday it now expects 2023 revenue growth between 10% and 11%, up from its prior outlook of 10% growth.
Trane Technologies increased its outlook for full-year adjusted profit to about $9.00 per share, from its previous forecast of $8.80 to $8.90 per share.
The company, which operates brands such as Thermo King and Frigoblock, benefited from increased demand for environment-friendly heating, cooling and ventilation systems for commercial buildings and refrigeration systems used in trucks.
“With bookings at an all-time high, we continue to see robust customer demand for our sustainable products and services, with particular strength across our commercial HVAC businesses globally,” CEO Dave Regnery said.
On an adjusted basis, Trane earned $2.79 per share, compared with estimates of $2.66, according to LSEG data.
The company posted net revenue of $4.88 billion, compared with estimates of $4.80 billion.
(Reporting by Kannaki Deka in Bengaluru; Editing by Shounak Dasgupta)
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